- Sales up sharply in the fourth quarter (+375%), driven by the
sale of two platforms, one in France and the other in the United
States
- Sales growth of almost 60% over 2019 as a whole
- Pierre Schwich joins Genomic Vision as new CFO
Regulatory News:
Genomic Vision (Paris:GV) (FR0011799907 – GV), a
biotechnology company that develops tools and services dedicated to
the analysis and control of changes in the genome, today announced
its revenue and cash position at December 31, 2019.
Revenue for the fourth quarter and full year 2019
(unaudited data)
FY
4th quarter
In thousands of euros – IFRS
2019
2018
∆
2019
2018
∆
Total sales
1,770
1,113
+59%
485
102
+375%
of which: life sciences research
(LSR)
1,359
492
+176%
448
7
n/a
of which in-vitro diagnostics
(IVD)
161
190
-15%
12
20
-40%
of which: license revenue (Quest
Diagnostics)
250
431
-42%
25
75
-67%
Other revenue
(Research tax credit, subsidies)
558
1,270
-56%
109
140
-22%
Total operating income
2,328
2,384
-2.3%
594
242
+145%
In the fourth quarter of 2019, sales totaled €485
thousand, versus €102 thousand in the same quarter of 2018, and
consisted of:
- €448 thousand generated on the Research market (vs. €7 thousand
in Q4 of 2018, which was affected by the cancellation of a platform
sale for €225 thousand). This figure was achieved thanks to the
sale of two FiberVision® S platforms for research activities, one
to Professor Nicolas Levy’s teams at the GIPTIS institute in France
and the other to the teams of Professor D’Andrea at the Dana Farber
Cancer Institute in Boston, USA. Sales of consumables and services
were also strong over the period, notably in the field of DNA
replication and gene editing quality control.
- €12 thousand generated on the IVD market, down compared with
the fourth quarter of 2018 due to the lack of sales achieved with
Quest Diagnostics. Sales of the FSHD test are carried out by the
Timone hospital in France and the Company’s AmCare partner in
China.
- €25 thousand in revenue from the license granted to Quest
Diagnostic: this license, which expired at the end of October 2019,
has not been renewed.
Once other revenue (€109 thousand) corresponding to tax credit
(research tax credit and innovation tax credit) and remaining
R&D subsidies within the framework of the H2020 Beyondseq
project is taken into account, total operating income increased by
145% in the fourth quarter of 2019, to
€594 thousand.
Over 2019 as a whole, sales totaled €1,770 thousand, up 59%
compared with 2018, notably thanks to the sale of 4 platforms:
2 FiberVision® platforms, one to the University of Oxford (UK) in
the first quarter and the other to the NIH (USA) in the third
quarter of 2019, and 2 FiberVision® S platforms to the GIPTIS
institute in Marseille, France, and the Dana Farber Cancer
Institute in Boston, USA. Total operating income was down slightly
compared with 2018, due to the decrease in research tax credit and
subsidies.
Financial structure at December 31, 2019
Genomic Vision had cash and cash equivalents of €1.0 million at
December 31, 2019, versus
€1.4 million at September 30, 2019. No drawdown on the equity
financing line was carried out during the fourth quarter, while the
Company obtained the reimbursement of the €0.7 million due with
respect to its research tax credit for 2018. The net cash burn over
the period was thus €0.4 million (or
€1.1 million excluding the impact of the research tax credit
reimbursement).
The Company has a remaining balance of €2.5 million on its ABSA
(shares with equity warrants attached) equity financing line, a €1
million third tranche and a €1.5 million fourth tranche, in
accordance with the characteristics indicated in the Prospectus
granted visa number 19-122 by the AMF French stock market authority
on March 29, 2019, and under the contractual and legal conditions
whose schedule and share price conditions are described in
paragraph 4.1 of that Prospectus.
Based on updated sales growth and Research & Development,
Sales & Marketing and General & Administrative spending
hypotheses, as well as on associated working capital requirement
assumptions, Genomic Vision currently has the necessary resources
to continue its development through to the fourth quarter of
2020.
Governance
Chief Financial Officer Frédéric Tarbouriech is leaving the
Company to pursue other ventures. Pierre Schwich, a financial
consultant and biotechnology sector expert, replaces him since
January 29, 2020.
Pierre Schwich, a graduate of the Mines ParisTech engineering
school, has been involved in the development of numerous
technological companies (capital raising, IPOs, M&A operations,
restructuring). Active in the healthcare sector for more than a
decade, he has notably been CFO of Cellectis (genome editing),
Pharnext (pleotherapy) and EOS imaging (medical imaging).
2020 financial schedule (indicative dates)
Thursday April 30, 2020
Thursday May 7, 2020
Thursday June 25, 2020
Tuesday July 28, 2020
Thursday October 29, 2020
* Press releases are published after the Euronext market
closes.
***
ABOUT GENOMIC VISION
GENOMIC VISION is a biotechnology company developing products
and services dedicated to the analysis (structural and functional)
of genome modifications as well as to the quality and safety
control of these modifications, in particular in genome editing
technologies and biomanufacturing processes. Genomic Vision
proprietary tools, based on DNA combing technology and artificial
intelligence, provide robust quantitative measurements needed to
high confidence characterization of DNA alteration in the genome.
These tools are mainly used for monitoring DNA replication in
cancerous cell, for early cancer detection and the diagnosis of
genetic diseases. Based near Paris, in Bagneux, the Company has
approximately 30 employees. GENOMIC VISION is a public listed
company listed in compartment C of Euronext’s regulated market in
Paris (Euronext: GV – ISIN: FR0011799907).
For further information, please visit www.genomicvision.com
Membre des indices CAC® Mid & Small et CAC®
All-Tradable
FORWARD LOOKING STATEMENT
This press release contains implicitly or explicitly certain
forward-looking statements concerning Genomic Vision and its
business. Such forward-looking statements are based on assumptions
that Genomic Vision considers to be reasonable. However, there can
be no assurance that such forward-looking statements will be
verified, which statements are subject to numerous risks, including
the risks set forth in the “Risk Factors” section of the reference
document dated March 29, 2019 filed with the AMF under reference
number R19-004, available on the web site of Genomic Vision
(www.genomicvision.com) and to the development of economic
conditions, financial markets and the markets in which Genomic
Vision operates. The forward-looking statements contained in this
press release are also subject to risks not yet known to Genomic
Vision or not currently considered material by Genomic Vision. The
occurrence of all or part of such risks could cause actual results,
financial conditions, performance or achievements of Genomic Vision
to be materially different from such forward-looking statements.
This press release and the information contained herein do not
constitute and should not be construed as an offer or an invitation
to sell or subscribe, or the solicitation of any order or
invitation to purchase or subscribe for Genomic Vision shares in
any country. The distribution of this press release in certain
countries may be a breach of applicable laws. The persons in
possession of this press release must inquire about any local
restrictions and comply with these restrictions.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200130005687/en/
Genomic Vision Aaron Bensimon Co-founder, Chairman &
CEO Tel.: +33 1 49 08 07 50 investisseurs@genomicvision.com
Ulysse Communication Press Relations Bruno Arabian
Tel.: +33 1 42 68 29 70 barabian@ulysse-communication.com
NewCap Investor Relations & Strategic
Communications Tel.: +33 1 44 71 94 94 gv@newcap.eu
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